Good evening folks, the Lords Blessings to you all tonight.

EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

Essentially nothing has happened in EURUSD over the last week.
The price seems to be creating a three wave decline over the last few days,
and if that pattern does bear out,
then we will see another pop above 1.2080 again to complete wave ‘B’.

However,
the larger pattern on the 4hr chart strongly suggests we will see another decline in wave ‘C’ start pretty soon.
In that case I think it is worth focusing on the downside in the short term.

Tomorrow;
The price has retraced enough over the last few weeks to signal wave ‘B’ is complete.
A break of 1.1940 will signal wave [i] is underway.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable has moved lower today in a possible impulse wave to begin wave [c] down.
Todays decline is labelled wave ‘iii’ of (i) of [c].
The price has not crossed the signal line at the wave ‘a’ high at 1.3808 yet,
so I want to see that level broken to complete wave ‘iii’ down.
Wave (i) should find a low below 1.3800,
before correcting higher into wave (ii).

Tomorrow;
Watch for wave (i) to complete five waves down by tomorrow evening.
The larger wave [c] cannot be confirmed until we get a break of 1.3668.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

The market is still trying to find a final low for wave ‘4’ blue,
and I can’t guarantee that we have hit that low yet.

The price did rebound off the session low at 107.81 today,
but the action is prett corrective to the upside all day.
This does suggest we will break 107.81 again before completing wave [c] of ‘4’.

Tomorrow;
The overall pattern is still viewed as corrective to the downside,
and the price is sitting just above the 38.2% retracement of the whole rally off the December lows right now.

I think we will get a rally pretty soon,
but going on todays action we will have to wait a few more days for that to materialize.

Watch for wave (v) of [c] to complete by tomorrow evening.

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The decline this evening is pretty impulsive for sure,
and this may be within a larger impulsive move down.
But,
I will let this pattern play out for another few sessions before labelling it,
just to see if that is where it leads us.

I have shown a declining trend channel off the high,
an impulsive decline must break below that channel and develop further in five waves.
If the channel breaks tomorrow,
that will suggest a possible third wave down and then we can work on a bigger five wave pattern lower in wave [i].

Tomorrow;
The band of support around the 33000 level is ideally where a third wave should find support.
Watch for Wednesdays lower high to hold and the decline to continue lower in five waves.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

I have reverted back to a three wave pattern in wave (c) of [iv] this evening.
Todays decline is not the reason,
but the action within the trend channel seems to fit a three wave pattern better right now.

The price could rally again and create a clear five wave pattern higher from here.
If that happens,
I will likely switch to the alternate count for gold.
that alternate count views the recent low as wave (4) complete,
and then I can begin working higher in wave ‘5’.

Tomorrow;
Watch for a drop below 1757 to signal wave (i) of [v] has begun.
I want to see todays highs hold now to allow wave [v] to begin.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

I have shown a possible five wave decline in wave (i) completed at the early low this morning.
This low came in a 60.58,
and now we have a corrective move higher off that low in wave (ii) underway.
I have labelled the action as wave ‘a’ and ‘b’ in place.
Wave ‘c’ should complete a three wave pattern higher and a bearish lower high by tomorrow evening.

Wave (iii) down will then be set for next week,
and that wave can easily push the price below 57.00 again.

Tomorrow;
Lets see if we get a correction in wave (ii) by tomorrows close.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The market seems to be hanging in the balance at the moment.
The sharp spike lower has not broken to a new low for the week.
And the neckline at 4120 is holding for now.

The key word there is ‘neckline’!
If this is a small head and shoulders top formation here,
then we will see a sharp selloff next week into a possible third wave down.

But as I mentioned last night,
there is not enough price action to work with to the downside yet.
And until we see the market threaten that initial support zone between 3940 and 3990,
this is all just speculation!

Tomorrow;
Watch for the small lower high to hold at wave ‘ii’ pink.
A break below the trend channel line will tip the short term pattern in favor of a decline into a third wave.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

26.63 is holding today at that wave (v) high,
and the price has traced out a small decline back towards the triangle lows at 2584.
The action off the high is very tight and it is hard to say if the decline is impulsive or not.

However,
if the price falls below that triangle low at 25.84,
that will open up the possibility for a five wave decline towards 24.66 at wave [b].
And if we break 24.66,
I think that will be enough to signal wave ‘C’ has begun.

Tomorrow;
The short term action is building a domino effect here,
so lets see if support starts to break tomorrow at 25.84.